WS #11795

The dominant signal in this window is the escalation of US-Iran tensions, with Trump declaring the ceasefire 'over' while leaving the door open for talks. Multiple sources (Al Jazeera, BBC, multiple Bluesky posts, GDELT) corroborate this, marking a clear ESCALATION from the previous 'stable' narrative. The SK Hynix IPO is a major event: priced at $149, raising $26.5B, with ADRs indicated to open at $170-173 (up ~14-16%), and chairman signaling capacity doubling and AI data center expansion. This is a high-significance positive for the semiconductor sector but may divert capital from US chip stocks. The IEA forecast of a 1 million bpd decline in global oil demand in 2026 due to the Iran war is a counter-signal to the bullish oil thesis from supply disruption. Other notable items: US loosens export controls on UAE (positive for defense/aerospace), Ionis/AstraZeneca ATTR-CM trial miss (negative for IONS, positive for rivals), and Baker Hughes wins EU approval for Chart Industries deal.